Novo Banco reduced 510 workers and closed 73 branches in three years of Lone Star

This Sunday marks three years on the sale of 75% of Novo Banco to the North American fund. The remaining 25% belong to the Resolution Fund, an entity that consolidates in public accounts, at the State level and financed by banks.

Rafael Marchante / Reuters

The sale of New bank à Lone Star turns three this Sunday. During this period, Novo Banco reduced 510 workers and closed 73 branches, according to the reports and accounts consulted by Lusa.

At the end of June this year, Novo Banco had 4.646 workers in Portugal, 510 fewer than the 5.156 it had in December 2017.

Even before, however, Novo Banco had made large reductions in workers. Between August 2014 and December 2017, 1.794 employees had left the bank, and for the majority of that period Novo Banco was wholly owned by the Bank Resolution Fund, an entity in the sphere of the State.

As for the commercial network, Novo Banco had 375 branches in June, 73 fewer than the 448 branches in December 2017.

Between 2014 and 2017, 183 branches had closed.

The North American fund Lone Star signed the contract to purchase 75% of Novo Banco on October 18, 2017. The remaining 25% remained in the hands of the Resolution Fund, an entity of the State sphere financed by the banks, which is consolidated in the accounts public.

Relembre-se que o  Novo Banco  foi criado em agosto de 2014 no âmbito da resolução do BES – Banco Espírito Santo.

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